The end of the great Sydney and Melbourne property booms has had its fair share of headlines and there will no doubt be more to come. However, on the other side of the country we may be witnessing a quiet resurgence of another major market.
After years in the doldrums, Western Australia is showing signs of life.
The nation’s largest mining boom sent WA’s property prices soaring in the 2000s. But over the past decade, Perth property prices have barely changed and in areas like the Pilbara region — where most of Australia’s iron ore mines are located — prices are yet to recover after crashing in 2012.
But new Domain research shows that WA’s beleaguered property market could have bottomed out. Better economic conditions are driving the recovery: the big miners are committing to new projects, commodity prices are higher, WA’s population growth is picking up and job prospects in the state have improved.
WA is a large and varied state, the performance of which we look at in more detail in our full analysis.